According to this Application, in recent years the European Union has reformed its agriculture policies by reducing or eliminating minimum prices. Ceteris paribus, these policy reforms would ________ excess supply by ________ prices
A) increase; lowering B) increase; raising C) reduce; lowering D) reduce; raising
C
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The demand for labor reflects the point that the
A) lower the real wage rate, the greater the quantity of labor demanded. B) higher the real wage rate, the greater the quantity of labor demanded. C) nominal wage rate and not the real wage rate determines the quantity of labor demanded. D) real wage rate does not affect the quantity demanded of labor. E) demand for labor depends on the supply of labor.
Which of the following is TRUE?
A) A common market is more deeply integrated than a customs union. B) The European Union is a shallower and broader form of integration than NAFTA. C) NAFTA is an example of a customs union. D) Customs unions require the creation of a common currency.